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Book Review: Your Successful Career as a Mortgage Broker by David Reed, Amacom: American Management Association, 1601 Broadway, New York, NY 10019, ISBN 0814473709, 978-0814473702, $18.95, 240 pages, 2007
David Reed’s latest hostage title; Your successful career as a mortgage broker complements a successful ongoing mortgage banking career and his previous three mortgage-related books. Based in Austin, Texas, Mr. Reid writes mortgage columns for Realty Times and Mortgage Originator. For those considering a career as a mortgage broker, banker, processor, or underwriter, this book is packed with everything you need to know before taking the plunge into this exciting field of work.
Chapters Covered: The Mortgage Loan Officer and His Team, How Do I Get Started?, Mortgage Banker vs. Mortgage Broker, Loan Application Process, Types of Mortgage Loans, Loan Pre-Qualification and Approval, Loan Documentation, Credit Report and Credit Score Interpretation, Interest Rates How they are determined, how to quote them, how brokers make money, marketing themselves, and marketing secrets from the pros. Additional features include an introduction, a glossary, an index, and a complete resource Appendix 1003 and Disclosure Forms, Ten Steps to Becoming a Successful Mortgage Loan Officer, Ten Steps to Becoming a Megaproducer ($250,000+ Per Year), Sample Marketing Pieces . Industry resources, state licensing charts and payments per thousand dollars financed.
I found the chapter on loan documentation particularly informative. In an age where borrowers can choose to verify all their income or assets in order to secure a mortgage, Mr. Reid does an excellent job of describing the process and options for new or prospective mortgage bankers or brokers.
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